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SME Credit Card credit line

  1. Minimum: 300,000 AMD or 600 USD or Euro
  2. Maximum limit: 10,000,000 AMD or 20,000 USD or Euro
  3. Interest calculated on the unused portion of the credit line: 0%
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SME Credit Card credit line

No application tuition fee

No one-time provisioning fee

No monthly maintenance fee

1 For legal entities, the card is provided to the head of the executive body or the authorized person thereof.
Application of conditions stricter than those specified in this document shall not be considered a deviation from the conditions set forth herein.
2Calculation of credit line interest
The interest is accrued to the used credit line at the nominal rate according to the following formula:   
I=R*L/D, where:
I – interest per day
R – nominal interest rate
L – used credit line
D – number of actual days per annum
Example of interest calculation:
Credit line limit – AMD 10,000,000
Used credit line - AMD 5,000,000  
Annual interest rate – 13.5%
Number of days per year – 365
The daily accumulated interest will amount to AMD 1.849.3 (5.000.000*13.5%/365=1,849.3 AMD)

IMPORTANT TO KNOW

THE BORROWER SHALL BE ENTITLED TO EARLY REPAY, IN FULL OR IN PART, THE LIABILITIES UNDER THE CONTRACT, IN WHICH CASE THE PRINCIPAL LOAN SHALL BE REDUCED IN THE AMOUNT PAID AND THE TOTAL COST OF BORROWING SHALL BE REDUCED PROPORTIONATELY. IN THIS EVENT, THE INTEREST ACCRUED TO THE PRINCIPAL LOAN BALANCE AND THE MAINTENANCE FEE ACCRUED TO THE PRINCIPAL LOAN BALANCE THEREOF SHALL BE SUBJECT TO REDUCTION FROM THE TOTAL COST OF BORROWING. THE BANK MAY NOT APPLY ANY PENALTIES TO THE BORROWER UPON EXERCISING THEIR RIGHT AS SPECIFIED HEREIN.

In the event of default, the repayments shall be made in the following sequence:

1. receivables, maintenance fee, penalty accrued to (accumulated for) the overdue interest/Loan;

2. accrued (accumulated) yet unpaid overdue interest;

3. overdue Loan amount;

4. term interest accrued to (accumulated for) the used Loan;

5. Loan amount.

The sequence of credit liabilities may be changed at the Bank’s discretion without prior notice to the borrower and/or the co-borrower.

The Bank undertakes to provide the client with the proposal (offer) seven days in advance and grant a seven-day reflection period.

Loans are issued exclusively under standard agreements approved by the Bank.

ATTENTION:

The loan interest shall be settled based on the nominal interest rate. The annual effective interest rate shows how much the loan will cost you if the interest and other fees are paid in due time and amounts. The calculation of the annual effective interest rate is available on the Bank’s official website (www.ardshinbank.am).

NOTICE:

In case of default, the information about late repayment of the loan and interest by the client will be furnished to the Credit Register of the Central Bank of Armenia and ARCA Credit Reporting CJSC.

 

  ATTENTION: 

YOUR PROPERTY MAY BE CONFISCATED IN A MANNER PRESCRIBED BY LAW IN CASE OF FAILURE TO REPAY BOTH INTEREST AND LOAN AMOUNT IN DUE TIME.

IN CASE OF NON-PERFORMANCE OR INCOMPLETE PERFORMANCE OF YOUR LIABILITIES, THE CREDITOR SHALL, AFTER 3 BUSINESS DAYS, SEND THE INFORMATION TO THE CREDIT BUREAU WHERE YOUR CREDIT REPORT IS CREATED. YOU ARE ENTITLED TO RECEIVE THE FREE COPY OF YOUR CREDIT REPORT FROM THE CREDIT BUREAU ONCE EVERY YEAR.

A POOR CREDIT HISTORY MAY LIMIT YOUR ACCESS TO FUTURE LOANS.

FINANCIAL ORGANIZATIONS IN THE REPUBLIC OF ARMENIA ARE SUPERVISED BY THE CENTRAL BANK OF ARMENIA.

 

 

 

 

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